The Directorate of Enforcement (ED) has issued a Provisional Attachment Order under the Prevention of Money Laundering Act, 2002 (PMLA) attaching M/s. Injaz International represented by its partners Misbahuddin S. & Suhail Ahmed Shariff has acquired the proceeds of crime and layered them in the form of various immovable properties. According to the Preliminary Attachment Order, properties worth Rs 20.16 crore have been attached.
The ED launched an investigation based on the FIR filed by the Wilson Garden Police Station against M/s. Injaz International and its associated group, alleging violations of various sections of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, Indian Penal Code, 1860, and Chit Funds Act, 1982. In this instance, the Proceeds of the Crime are Rs. 80.99 Crore.
The ED investigation revealed that M/s. Injaz International and its partners collected funds/deposits from a large number of investors with fraudulent intent from FY 2015 to 2017 by projecting unrealistic returns against their investments and later duped them of such investments and never returned the hard-earned invested money of the common people. There has been a significant diversion of monies from M/s. Injaz International’s bank account, with these funds, later moved into bank accounts of partners / linked businesses for stacking the profits of crime and being projected as pristine properties. Residential flats, residential land, and non-agricultural land parcels are among the immovable properties thus classified. Nevertheless, the inquiry is ongoing.
